How do select the best mortgage product that is right for me and my family ?

  • There is no simple way to determine which type of mortgage is “right” for you.
  • Multiple factors must be taken into account when selecting the proper mortgage in line with your mortgage goal(s), including: 1) How long you plan to stay in the property, 2) What  is your current financial situation, 3) Your credit history, and 4) Your assets/liabilities 5)  The amount of money you are willing to put down to cover the downpayment and closing costs based on loan program requirements.
  • Making the decision to either have a lower monthly payment over the span of a longer term, or paying off the loan quicker by choosing a shorter term can be challenging. Use the on- line Mortgage Calculator on this website which will estimate your total monthly payments ( PITI) and interest paid over the course of the loan term.
  • It is important to note that a 15 year loan term is a very attractive proposition based on cutting the interest charges in half; however, remember that you will be locked into this higher payment for the next 180 months.  Many situations can effect your finances in this long period of time; therefore, a longer term loan ( 20, 25, or 30 years) may be a safer option. 
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